A report by the Washington-based Saudi-American Business Council pointed to an “unprecedented” growth in the field of startup investments.
Saudi Arabia has one of the most developed financial services sectors in the Middle East and North Africa region.
The report indicated that during August 2022, the Kingdom witnessed a 79 percent year-on-year increase in the number of operating fintech firms. Of the 147 active fintech companies operating in Saudi Arabia, only 10 were operating in 2018. This rapid expansion is due to liberalized business regulations, an active investment environment, and well-developed technology infrastructure.
Meanwhile, venture capital financing in Saudi Arabia more than tripled to reach 2.2 billion Saudi riyals ($584 million) in the first half of 2022.
The Kingdom continues to invest in technology and digital transformation, ranking ninth globally in terms of the availability of investment capital, as stated in the Global Competitiveness Report 2022 issued by the International Institute for Management Development (IMD).